Will Smith 'Very Supportive' Of Buffett Rule

The Fresh Prince just joined the league of rich people who say they should be taxed more.

Actor and 1990s hip-hop phenomenon Will Smith recently told the Associated Press that he is "very supportive" of the Buffett Rule -- an ultimately-failed proposal inspired by billionaire investor Warren Buffett and touted by President Obama that aims to tax wealthy Americans at rates that are equal to or higher than those of middle class earners.

"America has been fantastic to me," he told the AP. "I have no problem paying whatever I need to pay to keep my country growing."

The Buffett rule would have taxed millionaires at higher minimum rates of up to 30 percent, but a partisan Senate vote defeated the measure last month. Buffett generated support for the idea of raising taxes on the rich after he wrote an op-ed in The New York Times in August noting that he paid taxes at a lower rate than his secretary. The proposed measure has gained support from the majority of Americans, according to an April Gallup poll.

If the Senate hadn't voted down the rule, Smith likely would've seen his tax bill go up significantly. The actor, who grossed about $20 million from his most recent movie "Men In Black III," averages $36 million in earnings a year, according to Forbes' Celebrity 100, an annual list of the world's most powerful celebrities.

Will Smith is not the only super-rich celeb to get jiggy with the Buffett Rule; other top earners who have come out in favor of the policy include hedge fund manager Whitney Tilson, Daphne Foundation founder Abigail Disney and Def Jam co-founder Russell Simmons. Like Buffett, Tilson also admitted that he pays taxes at a considerably lower rate than his secretary. And with a net worth of more than $300 million, Simmons said last year that he sends a lower income share to the government than every single one of his employees.

Comments

[IronMIke500]

01:20 PM on 05/10/2012

Like to See Will's tax return to see how much he pays etc. Will Smith can always make another movie or two to pad his income. He has the unique ability to increase his income in any given year. So for Will to say he has no trouble paying higher taxes is like yeah so.

[TetorosLair]

12:23 AM on 05/10/2012

Well, it may be easy to say that you want to pay more taxes when you have a lot of money, but it takes you to get over you ego, and not every wealthiest man on the planet can do it
Money redistribution is the key to society improvement, to give the chance to more people to make something of it

[Tquin]

10:45 PM on 05/09/2012

How about helping Wesley Snipes who is in Federal Prison for not reporting his income.....Big Hollywood types.

[franklma]

09:26 AM on 05/10/2012

Wesley Snipes as well as many others who've gone belly up should know where their money is going and not trust others to totally manage their finances. They should also establish a budget and stick to it. These new money people live only for the today.

[Amy Derr]

10:26 PM on 05/09/2012

Gotta love Will Smith's peppy attitude about everything including paying taxes. What a guy. What a guy

[jimitee]

09:33 PM on 05/09/2012

Sending their money in is patriotic...

[ipv4]

07:28 PM on 05/09/2012

Now that's a patriotic American unlike these wallstreet thugs hiding their billions in swiss bank accounts or the cayman islands.

[jimitee]

06:54 PM on 05/09/2012

Why doesnt Will and Chris and Warren and Bill all send in additional tax money to the US treasury? Im sure that would accept it.

[ipv4]

07:29 PM on 05/09/2012

They already donate huge sums of money but this needs to be done as a collective group not one offs.

[Barbarian At The Gate]

10:35 PM on 05/09/2012

That's like saying, "Why didn't George Washington fight the American Revolution by himself?"

[T Trump]

04:59 PM on 05/09/2012

Death and Taxes, nothing ever changes.

[themasterpuppeteer]

04:54 PM on 05/09/2012

The problems aren't Will Smith or Chris Rock, the problems are tax loopholes which are deliberately created by politicians who are bribed (I mean, contributed). Raising taxes will simply hurt the fair share-paying citizens and new business/small business owners while the people who are avoiding taxes will continue to avoid them.

[themasterpuppeteer]

04:55 PM on 05/09/2012

P.S: and government spending.

[GerryS]

04:10 PM on 05/09/2012

this means Will is not a GOPTP supporter,

I knew there was a reason I liked him--

[bc906]

03:58 PM on 05/09/2012

He doesn't care because it won't change his life style one bit, he is so rich a couple million more in taxes is like a drop in the pan, he doesn't represent the majority of millionaires

[Roelvdwegen]

02:19 AM on 05/10/2012

So say you earn a million a year... the government takes 50% in taxes (it doesn't unfortunately). That leaves you with half a million a year meaning you can buy a new house and car every year, go on a nice vacation, feed and clothe yourself and get health care.

I don't see the issue with paying 50%

[lightningbolt]

03:47 PM on 05/09/2012

WHY IS EVERYTHING BEING CENSORED!  THIS IS RIDICULOUS!  Maybe we should all move to Raw Story.  They don't censor anything, even potty language!

[bc906]

03:56 PM on 05/09/2012

HuffPo is absolutely disgusting with its censorship

[GerryS]

04:11 PM on 05/09/2012

somebody pizzed in the miderators wheaties--------

[lightningbolt]

03:47 PM on 05/09/2012

During the Clinton administration, taxes on the wealthy were only slightly higher than they are now, and we had a balanced budget.  Bush destroyed the balanced budget by cutting taxes on the wealthy and increasing spending at the same time.  We cannot trust republicans with the country's finances.

[ruolivert]

06:02 PM on 05/09/2012

We had a balanced budget but the national debt still rose?

[lightningbolt]

06:25 PM on 05/09/2012

It didn't rise.

[lightningbolt]

03:46 PM on 05/09/2012

The US had its greatest period of economic growth in the 1950's and 60's when taxes on the wealthy were high.  Not only that, but the wealthy didn't leave!

[T Trump]

05:02 PM on 05/09/2012

Exactly, the Republican argument of trickle down economics is the biggest lie of all time.

[TeeSC]

12:23 PM on 05/10/2012

That can not be sound often or loud enough

[mdsman]

10:43 PM on 05/09/2012

we'll just ignore the rebuilding of europe and asia, the building of the oil industry in mid east, the fact that we were one of the only countries with an industrial base and the fact that taxes were between 14 and 17% of gdp with spending running about .5 - 1% over that.
Now spendng is about 23% of gdp and taxes are about 17%
See, there is a revenue issue, so let's end the make work pay, ss and bush tax cuts.
But, there is a larger spending issue....We can cut military spending but, are you willing to cut anything else?

[makeck]

08:46 AM on 05/10/2012

Excellent points. In the 50s and 60s tax deductions and exemptions were less generous and refundable tax credits did NOT exist. The average person, and I mean a full time minimum wage worker paid income taxes. It was only a few dollars but it was real. Nowadays, they pay nothing, and very well might get more back than they paid in through refundable tax credits.

[lightningbolt]

11:51 AM on 05/10/2012

The fact that the US rebuilt Europe and Asia while at the same time going through its greatest economic expansion further solidifies my point that raising taxes on the wealthy is great for the economy.  The US managed to do all that plus compete with the USSR and send astronauts to the moon.  I'm willing to make cuts in defense, corporate subsidies, corporate bailouts, and no-bid contracts.  Basically, anything that goes to large corporations that are profitable and don't need any help should be cut.  It's an outrage that corporations receiving subsidies and bailouts pay their executives many millions while they fail to do their job.

[US Patent 7089319]

02:43 PM on 05/09/2012

Exemplary American Patriot!